Summary
Jamf ended fiscal 2021 with strong top-line momentum. Fourth quarter revenue reached $103.8 million, up 36.1% from the prior-year quarter. Fiscal year revenue was $366.4 million, also up 36.1%. Annual recurring revenue was $412.5 million as of December 31, 2021, up 45% year over year. The company added more than six million devices in fiscal 2021 to end with more than 26.6 million devices, up 30% from 20.4 million a year earlier. It served more than 60,000 customers, an increase of over 13,000 for the fiscal year. Dollar-based net retention was 120% for the trailing twelve months ended December 31, 2021, compared with 117% a year earlier. Those metrics show Jamf is still expanding within its Apple-focused base.
Profitability was mixed. GAAP gross profit was $76.5 million in the fourth quarter, up 29.6%, but gross margin slipped to 73.7%, down 3.7 percentage points. The fourth quarter GAAP operating loss was $26.1 million, and the loss widened. GAAP net loss was $23.75 million, and that loss also widened. For the full year, diluted EPS was -$0.64, and the per-share loss widened. Non-GAAP results were positive: fourth quarter non-GAAP gross profit was $83.4 million, or 80% of revenue, and non-GAAP operating income was $2.9 million, or 3% of revenue. For fiscal 2021, non-GAAP operating income was $20.5 million, or 6% of revenue, compared with $27.5 million in fiscal 2020. The gap between GAAP and non-GAAP results reflects items such as amortization, stock-based compensation, acquisition-related costs, and a legal settlement.
Cash generation was uneven. Fourth quarter operating cash flow was $0.34 million, down 98.3% from the prior-year quarter. For fiscal 2021, operating cash flow was $65.2 million, up 23.4%. Unlevered free cash flow was $66.4 million for fiscal 2021, or 18% of total revenue. Capital expenditures were $2.49 million in the fourth quarter, down 1.5%, and $9.76 million for fiscal 2021, up 123.3%. Deferred revenue ended the year at $282.13 million, up 37.3%. Remaining performance obligations were $333.50 million, up 48.8%. The balance sheet also reflects the Wandera acquisition, which closed on July 1, 2021 for total consideration of $409.3 million and contributed approximately $10.6 million of revenue in the second half of 2021.
Guidance points to continued growth but lower non-GAAP operating income. For the first quarter of 2022, Jamf guided to $104.5 to $106.5 million, with non-GAAP operating income of $1.0 to $2.0 million. For the full year 2022, the outlook is $466.0 to $472.0 million, with non-GAAP operating income of $18.0 to $22.0 million. Management also said amortization is expected to be approximately $12.2 million in the first quarter and $47.6 million for full year 2022. Stock-based compensation and related payroll taxes are expected to be approximately $16.9 million in the first quarter and $114.2 million for full year 2022. Those expenses will weigh on GAAP profitability.
Risks remain familiar for Jamf. The company depends on Apple's continued success and enterprise adoption of Apple products. Customer dissatisfaction with Apple or negative events affecting Apple services and devices could hurt demand. Jamf also relies on channel partners for sales and distribution, faces competition, and must keep developing new products and features. The sales cycle can be long and unpredictable. Cybersecurity events, privacy laws, and data transfer rules add compliance risk. The company also carries indebtedness, including the 2026 Notes issued in 2021. The COVID-19 pandemic remains a risk, especially through supply and labor shortages and inflationary pressures. Jamf's growth story is intact, but the widening GAAP losses and the step-up in stock-based compensation and amortization are key items to watch.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2021 | Q3 FY2021 | QoQ | Q4 FY2020 | YoY |
|---|---|---|---|---|---|
| Revenue | $103.8M | $95.6M | +8.6% | $76.4M | +35.8% |
| Gross profit | $76.5M | $69.2M | +10.6% | $59.5M | +28.5% |
| Gross margin | 73.7% | 72.3% | +1.4 pp | 77.9% | -4.2 pp |
| Research & development | $24.1M | $25.6M | -5.9% | $15.1M | +59.1% |
| Sales & marketing | $44.6M | $40.9M | +9.0% | $30.5M | +46.0% |
| General & administrative | $26.9M | $25.5M | +5.4% | $20.1M | +34.0% |
| Total operating expenses | $102.6M | $99.0M | +3.6% | $71.4M | +43.7% |
| Operating income (loss) | -$26.1M | -$29.9M | +12.7% | -$11.9M | -120.0% |
| Operating margin | -25.1% | -31.2% | +6.1 pp | -15.5% | -9.6 pp |
| Net income (loss) | -$23.8M | -$30.4M | +21.8% | -$9.0M | -164.9% |
| Net margin | -22.9% | -31.8% | +8.9 pp | -11.7% | -11.1 pp |
| Diluted EPS | -$0.20 | -$0.26 | +$0.06 | — | — |
| Customers | 60,000 | — | — | 47,000 | +27.7% |
| Net retention rate | 116.0% | 119.0% | -3.0 pp | 117.0% | -1.0 pp |
Risks
Jamf's products and revenue remain highly dependent on Apple. The 10-K states Apple can terminate its several direct contracts at any time with limited advance notice, and Apple launched Apple Business Essentials beta with full service expected in spring 2022, which could compete more directly with Jamf's broader Apple Enterprise Management offerings. Apple is also a significant reseller, particularly in education.
The July 2021 Wandera acquisition was Jamf's largest to date, with total consideration of $409.3 million. The 10-K cites risks of integrating operations, systems, technologies, and personnel, retaining key personnel, assuming undiscovered liabilities, and not achieving expected synergies. MD&A attributes about $10.6 million of revenue to Wandera in the second half of 2021, making integration execution material to growth.
For the year ended December 31, 2021, sales of subscriptions to Jamf Pro accounted for approximately 71% of total revenue. The 10-K warns that any decline in demand for this single product, failure of other products to gain acceptance, or slower enterprise adoption of Apple products could disproportionately harm operating results.
Operating expenses grew faster than revenue: total operating expenses increased 56% for the year ended December 31, 2021, while revenue increased 36.1%. As a result, operating loss widened to $76.2 million for FY2021 year to date from $17.5 million for FY2020 year to date, and net loss widened to $75.2 million from $24.1 million. The 10-K says future revenue growth may not offset anticipated increases in operating expenses.
For the year ended December 31, 2021, approximately 54% of bookings were through channel partners. Those arrangements are generally non-exclusive, partners may offer competing products, and they may cease marketing or reselling Jamf products with limited or no notice and without penalty. A loss of key channel partners or failure of the channel strategy could impair revenue growth.
Beginning in the third quarter of 2021, Jamf changed how it delivers Jamf Connect, resulting in less revenue recognized upfront as on-premise subscription revenue and more revenue recognized ratably. MD&A says this change plus higher cost of subscription revenue contributed to gross margin for FY2021 year to date of 75.3%, down 2.0 percentage points from 77.3% for FY2020 year to date, while fourth quarter gross margin was 73.7%, down 3.7 percentage points from the prior-year quarter.
Jamf received $361.4 million of net proceeds from its 2026 Notes issued in September 2021. The 10-K highlights risks related to indebtedness, including the ability to raise funds to settle conversions of the convertible senior notes, repurchase them upon a fundamental change, or repay them in cash at maturity. Interest expense, net decreased 77% for 2021, but the convertible debt adds refinancing and dilution-related risk.
The 10-K and MD&A cite COVID-19 variants, inflationary pressures, supply and labor shortages, and an increasingly competitive labor market due to the Great Resignation. These conditions could increase costs, disrupt operations, weaken customer buying decisions, and make it harder to retain employees in a hybrid work model.
SaaS KPIs
All quarters →ARR
Non-GAAP Gross Profit Margin
Non-GAAP Operating Income
Non-GAAP Operating Income Margin
Unlevered Free Cash Flow Margin
Non-GAAP Gross Profit
Unlevered Free Cash Flow
Total Customers
Number of Devices
Summary, forecast, risks and KPIs are extracted from Jamf Holding Corp.'s SEC filings for Q4 FY2021 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.